Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1887-06-18
AT SKIES AND sEvENs.
Latest Developments In the wheat Crash
$4,000. .OOO Lost

Latest Developments in the wheat Crash
$4,000, 900 Lost.
CHICAGO, June 17.-There were no
more sensational developments in the
affairs Of the bursted wheat clique to-day
and none were expected.
Kershaw has got no more funds and will
not get any more. The affair has now be-
come so entangled between the Fidelity
Bank of Cincinnati and the American Ex-
change National Bank here, and there are
so many legal complications, that what
ever funds should come here would un-
doubtedly be swallowed up without doing
anybody in the trade much good.
The affairs OF G. ]. Kershaw & Co. are
so desperate that EgglestOD, the special
partner, whose liability as a general part
ner is claimed, is putting his property out
of his hands. Attachments and injunc-
tions will undoubtedly be gotten ont
against him to-day. The cash wheat
will not come on the market, so that the
paRse Of prices is over.
Armour sent to all the banks last night
offering to relieve them then, to-day, or at
any moment, of whatever cash wheat they
held. They all returned answer that they
had no wheat for sale, and did not expect
to have any. Only one small lot has been
sold SO far to-day, and that was gobbled up
off the market. The cash price, 73a cents
for July wheat, showed no panicky feeling
The wheat market opened steady at 73f
cents for July, considerable advance over
the lowest prices on the panic. The feel
ing was naturally enough excited, and a
fiuCtuation of 3a4c was not considered
worthy of an explanation. Brokers in the
pit are careful to pick the men with whom
they do business, and pay ! and even
cents more TO get the names of the rich
and strong houses. From 734c July wheat
went to 73c.
A member Of one of the clique firms, in
a conversation with reporter, cleared up
some OF the secrets of the attempted wheat
corner. The clique had abeut $4,000, 600
of its money here with which to margin
the cash wheat and options. There never
was a moment, up 10 last Monday, when
there was any hitch in monetary
matters. The trouble then arose,
probably, from the enormous arrivals of
cash wheat. 1t had not been anticipated
that the cash wheat receipts in June would
average more than 300 cars per day or ag-
gregate more than 5000 for the month.
There were j, 900 cars received in the first
ten days, aud it was plain that one impor-
tant calculation had miscarried. The cash
wheat absorbed the clque's money about
twice as fast as was expected. That there
was some uneasiness, however, among the
clique brokers week ago was evidenced
by their many trips to Cincinnati. Green
was there last Thursday, Friday and Sat
urday. DeWar, Kershaw's partner, was
there last Friday, and johnson, of ROsen-
field & Co., was there last Saturday and
Sunday. On last Monday, June 13, if
none of the clique orders were bucket
shOpped, they had, besides $1,000, 600
bushels Of cash wheat, $4,000, 900 bushels
of unsettled June options.
Joe Wiltshire got here Monday, and an
interview at the Richelieu on that night
was held between Kershaw, Green, OF
Irwin, Green d Co., Johnson, of Rosenfeld
4 Co, Wiltshire and HOyt. Ii is denied
that there were any sensational develop
ments at that meeting, but Wiltshire is de-
scribed as little nervous. He left at $50
tor Cincinnati, promising that funds would
he wired in the morning. Wiltshire now
claims that there was no such pressure rs
Rosenfeld & Co. claimed on Tuesday morn-
ing on clique business, but it came from
holdings by ROsenfeld & Co. of a taller
wheat.
The clique money came from Cleveland,
Philadelphia, Cincinnati and New York.
The $780, 900 brought here Wednesday
consisted of four 100000 drafts OF the
Iidelity Bank, of Philadelphia, and
letter of credit for $200,0O0 from the
Fidelity, of Cincinnati. The only money
ever taken out of the town by the clique
was $3.50, 900 paid over by ROsenfeld IL
Co., to Wiltshire, June 3, and before Ker-
shaw had sold that block of three million
bushels of June wheat.
Joe Wiltshire, the clique representative,
is a good looking man of 40. He resem-
hles Al Gage good deal in figure and
feature His left eye is like Ben Buffers.
For five months Wiltshire was in Libby
prison, and was once drawn to be shot.
In quietly talking over his troubles with
his lawyer Wednesday, he said that his
fOrty-eight hours experience at Chicago he
found was incomparably worse than any
thing he suffered in Libby.
$4,000, 900 LOST.
An evening paper says: The principals
of the late wheat clique are estimated
losers to the extent of from 81. .0OO, 900 to
S., 900, 900. Their followers and tools are
losers to fully the same amount. Roughly
calculated the collapse in Chicago repre-
sents about $40, 900, 900 to all concerned on
the losing side. While the future of the
clique is uncertain, the future Of wheat is
not so easily established. The best mem
bers on change, regardless Of whether they
have been fighting with horns or claws in
the past, think that there can and will be
no further sharp decline in price for two
very good reasons: First, that grain Is
worth the present figures, and second, that
the men with money in Chicago cannot af-
ford to see any further collapse.